Nomura seeks US fund management acquisitions as part of global expansion

Nomura is pursuing U.S. fund-management acquisitions to expand its investment-management footprint after last year’s $1.8bn purchase of Macquarie’s U.S. and European public asset management businesses. Management says the deal and further M&A would complement its product lineup as Nomura pushes to be seen as a global player. The bank raised its medium-term profit target by 50%, aiming for at least ¥750bn in income before tax by March 2031 and boosting investment-management pretax income guidance to ¥150bn (from ¥100bn). It also plans to grow private credit AUM tenfold to over $5bn by FY2030-31 (from $500m in the year to March 2026), while saying balance-sheet risk is limited. The moves imply more M&A-driven consolidation in asset management and are broadly positive for Nomura’s growth trajectory, though prior write-downs and sector redemptions present execution risks.